ATB Financial grows its net income in Q3

As of the third quarter, ATB had 776,594 total customers and 5,728 team members. It has 173 branches across the province in Alberta

ATB Financial had a net income of $81.7 million in its third quarter for fiscal year 2020 which was a 57.8 per cent hike from the same period the year previous.

In a news release, the financial institution said for the quarter ending December 31, 2019:

  • Operating revenue of $446.8 million was up 4.6 per cent;
  • Deposits of $35.1 billion fell by 2.3 per cent;
  • Loans of $46.6 billion dropped by 0.9 per cent; and 
  • Total assets of $54.3  billion were down 1.2 per cent.

ATB said it also contributed $118.4 million to the province’s bottom line in the third quarter, an increase of $16.1 million over the previous quarter and $36.8 million more than the same quarter last year. ATB’s year-to-date contribution to Alberta’s revenue is $294.8 million—an increase of $21.3 million from last year, it said.

“Our third quarter is reflective of the Alberta economy which is slowly getting back on its feet,” said Curtis Stange, president and CEO of ATB Financial, in a statement. 

“ATB will continue to be a catalyst for economic growth whether that’s partnering with Alberta’s core industries, businesses and entrepreneurs or by helping Albertans buy a home or save for higher education and retirement.

Alberta is an economic powerhouse with incredible investment opportunities. We are growing despite all of the challenges we are facing. ATB is optimistic about the future and remains committed to supporting Albertans—a role we have proudly played for over 80 years.”

Its full third quarter results can be found here.

As of the third quarter, ATB had 776,594 total customers and 5,728 team members. It has 173 branches.

Mario Toneguzzi is a business reporter in Calgary.

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